Global Intelligent Virtual Assistant (IVA) market size was valued at USD 2,166.0 million in 2019 and is anticipated to grow at a CAGR of over 33% in the next five years.
Dallas, United States - November 6, 2020 /MarketersMedia/ —
The growing importance of customer engagement activities, increase in the Artificial Intelligence technology up gradation by the all the sectors and industries, increase in the use of smartphone usage and people getting adapted to carrying out majority of tasks on the phone, increasing demand from all the industries for improving user experience, such as medication reminders, online chat service and other personalized services is driving the global Intelligent virtual assistant market. Customer satisfaction is the aim of these companies. A virtual assistant makes user experience easy and makes it smooth functioning hence all the industries adapting the technology is driving the global intelligent virtual assistant market.
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Deployment of modern technology products and solutions, such as smart speakers and chatbots are growing in the retail, automotive, media & entertainment, travel & hospitality, among other sectors. In the last seven to eight years, consumer product brands have implemented IVA that includes interactive voice response to offer virtual identities that converse with the users. Moreover, constant innovation within the virtual assistant solutions intended for retail & e-commerce, as well as healthcare clients using Natural Language Processing (NLP) and AI is expected to draw the end-user attention for improving the client experience, hence, impelling the industry growth.
Lack of aware among the people about the up gradation on the traditional methods can be a restraint for the Global Intelligent Virtual Assistant Market. There is a constant development in the technology and the requirements, and high cost of the virtual assistance tools and software causing a hindrance to the global intelligent virtual assistant market growth.
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The global intelligent virtual assistant market is divided into several segmentation including type, application and geographical region. On the basis of application, the global intelligent virtual assistant market is segregated into BFSI, IT & Telecom, Healthcare, Automotive, Entertainment, Education and others. Leading players of the global intelligent virtual assistant market includes Next IT Corporation, Amazon Inc., Artificial Solutions Ltd., and Speaktoit Inc. and others. Based on to the regional overview, the global intelligent virtual assistant market is a wide range to, US, Australia, Japan, India, China, and Africa, UAE, and Mexico, Columbia.
Key Segments of the Global Intelligent Virtual Assistant Market
Type Overview, 2018-2025 (USD Million)
Text-based
Text-to-speech
Automatic speech recognition
Application Overview, 2018-2025 (USD Million)
Automotive
BFSI
Retail
IT & Telecom
Healthcare
Education
Others
Regional Overview, 2018-2025 (USD Million)
North America
U.S.
Canada
Europe
France
UK
Germany
Rest of Europe
Asia Pacific
China
India
Japan
Singapore
Rest of APAC
Central and South America
Brazil
Argentina
Mexico
Rest of South America
Middle East and Africa
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Major points from Table of Contents:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Research Methodology
Chapter 5 Market Outlook
Chapter 6 Intelligent Virtual Assistant Market by Type
Chapter 7 Intelligent Virtual Assistant Market by Applications
Chapter 8 Intelligent Virtual Assistant Market By Region
Chapter 9 Competitive Landscape
Chapter 10 Company Profiles
What does the report include?
The study on the global intelligent virtual market includes qualitative factors such as drivers, restraints, and opportunities
The study covers the competitive landscape of existing/prospective players in the intelligent virtual assistant industry and their strategic initiatives for the product development
The study covers a qualitative and quantitative analysis of the market segmented on the basis of type and applications. Moreover, the study provides similar information for the key geographies.
Actual market sizes and forecasts have been provided for all the above-mentioned segments.
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